The USDA also showed an increase in U.S. soybean supplies, increasing by 5 million bushels to 3.46 billion on higher project imports, mainly from Canada. Soybean exports were projected up 15 million bushels from last month, reflecting the record pace of shipments and sales through January.

While global imports are unchanged, increased export projections for the United States, Brazil, and Paraguay are offset by a reduction for Argentina. Higher U.S. soybean meal exports are offset by reduced domestic use, leaving soybean crush unchanged at 1.7 billion bushel,” the report said.

Soybean prices were above last month’s report, climbing to $11.96 to $13.45 per bushel.